TechPression

Tag: Zenith Bank

  • Zenith bank reports N80 billion revenue from e-banking transactions in 2024

    Zenith bank reports N80 billion revenue from e-banking transactions in 2024

    Zenith Bank received N80.05 billion in revenue from electronic banking transactions in its 2024 financial year report, which concluded on December 31, 2024, indicating a 54.51 percent increase over the N51.8 billion the bank reported in 2023. 

    Electronic fees include revenue from debit and credit card transactions, ATM withdrawals, balance enquiries, and expenses related to online and mobile banking services like bill payment and transfers.

    Furthermore, the unaudited financial statement of the bank for the year indicates interbank transfers, email and SMS alerts, and merchant payment processing fees as additional sources of revenue for the bank.

    The growing use of digital banking services and increased transaction volumes are the main causes of Zenith Bank’s 2024 electronic fee increase.

    Read also: Zap by Paystack offers fast and reliable bank transfers that land in destination accounts within 10 seconds

    Zenith bank generates N13.48 billion in foreign exchange

    Foreign exchange transaction fees brought in N13.48 billion for the bank in 2024. The unaudited financial statement of the bank reveals a 221.72 per cent rise from the N4.19 billion reported in 2023.

    In financial activities, foreign currency transactions entail exchanging one currency for another. These consist of cross-border payments, international money transfers, foreign exchange purchases, and debit or credit card transactions in foreign currencies.

    From N19.72 billion in 2023 to N78.53 billion in 2024, the bank’s foreign withdrawal fees generated a 298 percent improvement year over year.

    Zenith bank reports record-breaking post-tax profit of N1.03 trillion

    The tier-1 bank’s 2024 full-year financial results showed a record profit after tax of N1.03 trillion, a 52.5 per cent increase over the N676.9 billion recorded in 2023.

    In addition, the bank reported its highest-ever pre-tax profit of N1.32 trillion, which grew by 66.6 per cent annually.

    Read also: Enza secures $6 million to enhance payment capabilities for African banks

    The bank’s workforce increased from 6,681 in 2023 to 7,704 in 2024, a 15 percent increase. The percentage of women in the workforce has increased to 53 per cent from the previous year’s nearly equal gender distribution.

    The report also notes that women now hold 36 per cent of the 14 board seats, up from 29 per cent in 2023, a 7 per cent increase in their representation on the board.

    However, men still dominate top management positions at the bank, with 68 per cent of them holding leadership positions.

  • GTBank announces temporary service disruption to upgrade system

    GTBank announces temporary service disruption to upgrade system

    Guarantee Trust Bank (GTBank) has announced a temporary service interruption to enable its transition to a new core banking application system.

    Starting from Friday, October 11, the bank will upgrade to Finacle Core Banking, a powerful software, to improve service delivery and the overall customer service experience, GTBank said in a statement on Wednesday.

    The upgrade is scheduled to end by Monday, October 14. Both in-branch and online banking operations will be impacted.

    GTBank informed its customers that all of its branches will close at noon on October 11 and reopen at 9:00 a.m. on October 14.

    Read also: GTCO debunks allegations of falsifying financial statements

    Transfers, bill payments, airtime/data purchases to be available during system upgrade 

    During the migration process, digital banking services such as transfers, bill payments, and airtime/data purchases will remain accessible.

    However, certain services will be restricted for 11 hours, starting from 10:00 p.m. on Sunday, October 13, and ending at 9:00 a.m. the following morning.

    GTBank promised its customers that this change is a result of the bank’s dedication to using cutting-edge technology to improve the quality of customers’ transactions.

    The bank apologised for any inconvenience caused and thanked customers for their patience during this transition, stressing how the enhance service delivery generally.

    Customers are advised to schedule their transactions ahead of the planned downtime.

    GTBank assured customers will be updated at every stage of the procedure.

    Read also: GTBank denies website cloning and confirms a domain breach attempt

    Other banks announced system upgrades

    Major Nigerian banks have upgraded their central banking systems before GTBank.

    Access Bank made a similar announcement on Wednesday stating banking services will be temporarily unavailable due to a system upgrade.

    Zenith Bank and Sterling Bank have similarly undergone system upgrades. Many Zenith Bank customers were unable to access their accounts for the entire duration of the upgrade.

    Customers complained bitterly of getting stranded at different places given the upgrade shut them out of their accounts for longer periods of time than anticipated.

    The Central Bank of Nigeria (CBN) supports the upgrade as part of a larger initiative to fortify the country’s banking system.

  • Zenith Bank, Nigeria’s leading financial institution, starts a $182 million fundraising initiative

    Zenith Bank, Nigeria’s leading financial institution, starts a $182 million fundraising initiative

    The largest lender in Nigeria based on market capitalisation, Zenith Bank Plc, aims to raise $290 billion ($182 million) to fund expansion and grow its loan book. On Monday, the bank announced the launch of its combined offer on the Nigeria Exchange Limited (NGX) floor.

    Zenith Bank has announced a public offering of shares, allowing existing shareholders to increase their stake. A total of 5.2 billion shares are being offered for ₦36.00 per share, allowing existing shareholders to expand their holdings in the bank.

    Read also: Cybercriminals hijack GTBank website

    In addition, 2.7 billion shares are being offered to the general public at a slightly higher price of ₦36.50 per share, allowing new investors to buy into the bank’s growth prospects.

    The offer period opened on August 1, 2024, and will close on September 9, 2024, providing a window of opportunity for investors to participate. This share offering aims to raise capital for the bank’s future growth initiatives and strengthen its position in the financial sector

    Zenith Bank’s Commitment to Shareholder Value

    Zenith Bank’s transformation into a publicly traded company in 2004 marked a significant milestone. Since then, the bank has focused on maximising shareholder value, delivering robust financial performance, sustainable growth, and impressive returns.

    With a market capitalisation of ₦1.9 trillion, Zenith Bank’s shares have become attractive to investors seeking to benefit from its proven track record and future growth potential.

    Adaora Umeoji, Zenith Bank’s Group MD/CEO, said during her presentation that the bank pays a dividend of ₦4 per share, the highest paid by any bank in Nigeria. This trend has been sustained for the last five years. The shares are paid from organic profits without FX revaluation gain; she added that Zenith Bank’s offer is investors’ delight.

    Also, Zenith Bank discussed how it grew from a mid-size lender to the biggest tier-1 bank in terms of market value over several decades. 58% of the group’s revenue comes from its corporate banking division, and 42% comes from its retail brand.

    Read also: Ecobank selects 40 top African fintech innovators.

    What Strategies is Zenith Bank Implementing for SMEs?

    Adaora further said that all the subsidiaries are making almost 20% profits and contributing to group profits.

    The 35% of the total capital raised₦99 billion—will be used to fund the strategic expansion of the banking business. The plan is to expand its footprints in West Africa and set up shop in Paris, the French capital, to consolidate Francophone expansion.

    Zenith Bank has 33 million customers and will concentrate on the SME and retail markets. Working capital to support both divisions will be utilised, accounting for 45% of the total capital generated, or ₦128 billion. Twenty per cent of the earnings, or 57 billion, will remain and be used to fund IT infrastructure.

  • Zenith Bank hires Juliet Ehimuan as non-Executive Director

    Zenith Bank hires Juliet Ehimuan as non-Executive Director

    Zenith Bank Plc’s Board of Directors has announced that Dr. Juliet Ehimuan will become a non-Executive Director of the bank on August 29, 2023. This news shows that the bank is serious about hiring top-notch people with varied and essential backgrounds.

    The information was made public by filing a corporate action with the Nigerian Exchange. The official statement, signed by Company Secretary Michael Osilama Otu, discusses Dr. Juliet Ehimuan’s success. 

    The Central Bank of Nigeria (CBN) has also confirmed her position, according to the statement.

    The claim said the Board of Directors of Zenith Bank Plc is happy to nominate Dr. Juliet Ehimuan as a Non-Executive Director on August 29, 2023. Nigeria’s Central Bank verified this.

    This appointment comes two months after Dr. Ehimuan resigned from Google as its first West Africa director. After 12 years with Google, she expressed her desire to expand her regional technology role on LinkedIn.

    She is excited to use her experience and knowledge to make the technology environment in the area even better. During her time at Google, Dr. Ehimuan led several important projects, such as the first Google for Africa event in 2012.

    At this event in Lagos, Nigeria, Sundar Pichai, the CEO of Google, stated that the company would train 10 million Africans in digital skills, help 100,000 developers learn web and mobile development, and start a Google for Startups accelerator for Africa.

     Read also: Zenith Bank, AfCFTA digitalises intra-Africa trade for exporters

    Dr. Juliet Ehimuan’s innovation in tech and beyond

    Beyond Limits, a tech company she founded, pushes innovation. Forbes named Dr. Ehimuan was one of Africa’s 20 most influential women. 

    Her influence was recognised by the London Business School, which named her one of 30 globally influential people. Her Most Influential People of African Descent award is also hers. 

    BBC Africa Power Women and CNN Innovate Africa showcased her achievements worldwide. For over 25 years, Dr. Juliet Ehimuan has worked successfully in Europe, the Middle East, and Africa. Technology, oil and gas, and new media have made her a leader in innovation, transformation, and leadership.

    Reeple obtains funding support from Zenith Bank

    What you can expect 

    Dr. Juliet Ehimuan’s appointment to Zenith Bank Plc Board of Directors gives her a new point of view, a lot of experience, and a dynamic way to lead. 

    Her impressive track record of driving innovation and her dedication to improving the technology landscape in Africa make her a valuable addition to the bank’s team.

    As she takes on her new job, the banking and tech sectors in Nigeria are looking forward to the positive changes she is sure to make.

  • Zenith Bank, AfCFTA digitalises intra-Africa trade for exporters

    Zenith Bank, AfCFTA digitalises intra-Africa trade for exporters

    A Memorandum of Understanding (MoU) has been signed between ZENITH Bank Plc and the Secretariat of the African Continental Free Trade Area (AfCFTA) for the creation of the SMARTAfCFTA Portal, which would promote trade within the African continent.

    SMARTAfCFTA is a centralised hub for all of the trade-related information that pertains to the African continent. One million dollars’ worth of funding will come from the Bank to support the trade information site in Africa.

    Read also: Reeple obtains funding support from Zenith Bank

    Words on AfCFTA 

    Speaking at the international trade symposium on non-oil export hosted by Zenith Bank, Secretary General of AfCFTA Wamkele Mene stated that there is a need for Nigeria to take the initiative of expanding into vehicle production in order to satisfy the wide gap of Africa’s population.

    Despite the fact that only South Africa, Morocco, and Egypt produce automobiles, the AfCFTA estimates that there is a void on the continent of five million per year in the market for automobiles. Mene pointed out that Nigeria has the potential to participate in this industry while also benefiting from the $1 billion facility that Afrexim provides to nations that manufacture automobiles.

    Mene remarked: “We have identified a number of priority sectors, which we believe in our studies indicate that these priority sectors will enable the diversification that we all want to see. I mentioned the pharmaceutical sector, agriculture and agro-processing, transport and logistics, and the auto sector. In the auto sector again, we had an opportunity to accelerate the diversification of Africa’s economy.” 

    “Our continent produces 900,000 units of passenger vehicles per year between South Africa, Egypt and Morocco and we are 17 per cent of the global population. India, similarly populated to the African continent, produces five million units of vehicles per year. By the year 2035, our estimates indicate that in order for us to meet domestic demand in Africa we have to produce five million units of vehicles per year.” 

    “That means that for Nigeria, there is an opportunity to include the auto sector in your strategy if it’s not there already as your strategy for diversification for production of vehicles, creating jobs driving industrialisation, because we know that the demand for the auto sector, Africans auto sector is not going to be met by Egypt, Morocco, South Africa. We have to have more countries that are producing vehicles for the African continent and creating jobs and innovation and driving industrialisation.”

    Mene proposed and suggested that the automotive industry be scrutinised more closely because for every unit of investment made on an assembly line to produce a vehicle, four jobs are created in the components manufacturing sector. These jobs can be in the production of lithium batteries, or they can be in the production of any other kind of component. Mene suggested and recommended that the automotive industry be scrutinised more closely. 

    Therefore, while discussing the value added by diversification, it is appropriate to view the car industry as one of the enablers for the diversification that we would all like to see. This is because the auto sector is one of the most rapidly growing industries in the world.

    He concluded: “I am very happy that our development financing institutions have stepped up as Afrexim has provided the facility $1 billion for any country that wishes to start producing vehicles for trade under the AfCFTA.”

    Mastercard, Lipa Later Group introduce new payment systems in Africa

    Remarks

    In the meantime, the group managing director of Zenith Bank, Ebenezer Onyeagwu, commented on the memorandum of understanding that was signed with AfCFTA. He stated that the implementation of AfCFTA will bring wealth to the African continent, and that the portal that Zenith bank plans to develop would encourage trade throughout Africa.

    His words: “We expect that the implementation of this agenda will change the fortune of not just Nigeria for the whole of Africa. The MOU between Zenith Bank and the African continental free trade area will be executed. The MOU will be for Zenith to develop the smart AfCFTA portal which is going to serve as a trade portal that will showcase African products and services where they can be found.”

    “With the development of this portal, one of the capabilities we are going to build into is that you can sit in every part of Africa and market your products and services. You can sit in every part of Africa and identify whatever products and services you require that are in Africa.”

  • Reeple obtains funding support from Zenith Bank

    Reeple obtains funding support from Zenith Bank

    Zenith Bank has provided Reeple, a company that analyses credit risk, with support in the form of funding as well as other forms of internal support. 

    The goal of this assistance is to help Reeple revolutionise the credit market in Nigeria, which is currently afflicted by high rates of credit defaults and a large number of predatory lenders. For instance, in 2021, lenders were reported to have suffered losses totaling $3.3 billion as a result of non-performing loans or, to put it another way, high credit default rates. 

    This has generated a ripple effect that has limited access to credit facilities and exposed innocent consumers to the risk of being taken advantage of by predatory lenders.

    The Reeple team is currently working to solve this issue by utilising technology that is powered by artificial intelligence in order to assist thousands of credit firms and fintechs in Nigeria in efficiently and promptly determining the creditworthiness of their customers. 

    Additionally, the Reeple team is assisting small businesses in determining either their credit scores or their creditworthiness and connecting them to low-risk loan facilities.

    The software developed by Reeple is intended to assist financial institutions in the examination of their customers’ financial data, spending patterns, and behavioural patterns, in addition to providing further insights and analysis on a customer’s loan history, fraudulent actions, and credit default likelihood.

    Read also: CBN educates states, institutions on eNaira

    Assistance companies in Nigeria obtain from Reeple 

    Over 1200 companies in Nigeria are receiving assistance from Reeple in determining their creditworthiness and gaining access to low-risk credit. 

    The CEO of Reeple, Oluwatomisin Kolawole, has stated that the company’s long-term objective is to ensure that their product assists the 38 million underserved small businesses and the 45 million credit starved individuals in Nigeria in gaining access to equitable and fair credit facilities using Reeple’s technology.

    The Reeple team, which is led by Oluwatomisin Kolawole, Olarinde Olokuntoye, and Ayokunle Adesanya, has over 20 years of experience between them in building and scaling technology products across Africa. 

    They are extremely excited about the opportunity to transform and build an organisation that will be the foremost in Africa in terms of credit risk analysis and scoring.

    Zoho integrates Zia, ChatGPT with 13 AI extensions

    About Zenith Bank

    Zenith Bank Plc was founded in May 1990 and began commercial banking in July. After a successful IPO, the Bank became a public limited company on June 17, 2004, and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004. 

    Zenith Bank Plc is Nigeria’s largest tier-1 bank, with over half a million shareholders. The LSE listed $850 million of the Bank’s shares at $6.80 each in 2013.

    Zenith Bank Plc, headquartered in Lagos, Nigeria, has over 500 branches and business offices in important commercial centres in all states and the FCT. Zenith Bank (UK) Limited, the UK subsidiary of Zenith Bank Plc, was licenced by the Financial Services Authority (FSA) in March 2007.

    Ghana, Sierra Leone, and Gambia have Zenith Bank subsidiaries. The bank has a representative office in the PRC. The Bank wants to expand Zenith to other African, European, and Asian markets.

    Zenith Bank Plc pioneered digital banking in Nigeria by deploying ICT infrastructure to provide novel solutions for its teeming consumers.

    The Zenith brand has become linked with cutting-edge financial technology since the bank leads in its adoption. The Bank has combined vision, skilful banking expertise, and cutting-edge technology to create products and services that anticipate and meet customer expectations, enable businesses to thrive, and grow wealth for customers.

    Since 1990, Jim Ovia CFR’s Zenith Bank Plc has risen to become one of Africa’s largest financial organisations. Zenith Bank Plc is Africa’s sixth-largest bank. The Bank’s shareholder money rose from $20 million in 1990 to $704.50 billion in 2016. Today, the bank thrives on its core values, brand equity, corporate culture of professionalism, and service quality.